Ascendiant Capital Markets Issues Pessimistic Forecast for Phunware (NASDAQ:PHUN) Stock Price

Phunware (NASDAQ:PHUN) had its price target decreased by Ascendiant Capital Markets from $20.00 to $13.00 in a research note published on Tuesday morning,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

Separately, HC Wainwright downgraded Phunware from a “buy” rating to a “neutral” rating and reduced their target price for the company from $9.00 to $6.00 in a research note on Tuesday.

Phunware Trading Down 9.6 %

Phunware stock opened at $4.46 on Tuesday. Phunware has a 12-month low of $2.85 and a 12-month high of $24.49. The firm’s fifty day moving average is $5.35 and its 200 day moving average is $5.31. The company has a current ratio of 3.80, a quick ratio of 2.82 and a debt-to-equity ratio of 0.02.

Institutional Trading of Phunware

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. bought a new position in shares of Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned approximately 0.12% of Phunware at the end of the most recent reporting period. 7.57% of the stock is owned by institutional investors.

About Phunware

Phunware, Inc, together with its subsidiaries, provides integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and internationally. The company's products and services include mobile software and application transaction solutions comprise integration of software development kit (SDK) licenses, which consists of analytics that offers data related to application use and engagement; content management that allows application administrators to create and manage app content in a cloud-based portal; alerts, notifications, and messaging, which enables brands to send messages; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services, such as mapping, navigation, wayfinding, workflow, asset management, and policy enforcement.